It is reported - as is no doubt within the knowledge of His Excellency - to have for some time past had it in contemplation either to alter the standard of the currency, or to restrict the free coinage of silver by "the Indian Mints.
The possible issues involved in either proposal are of the gravest importance to the trade of this Colony, the exchange of commodities between Hongkong and India being of considerable magnitude. Any sudden alteration of the Indian currency could hardly fail to be detrimental to the reciprocal trade of both.
The almost insurmountable difficulties that attend the alteration of a country's currency - the need of hesitating before taking action - perhaps cannot be better illustrated than by reference to the fact that all the many conferences (composed in a measure of men who may be considered experts) which have met to consider the present position of silver, none have, so far, suggested any remedy that has at all met with general approval.
My Committee earnestly beg that His Excellency will be pleased to press upon the authorities at Home the necessity of fully considering the interests of this Colony in any measures that may be proposed with regard to India.
I beg leave to enclose for His Excellency's information a copy of a resolution passed lately by the Singapore Chamber of Commerce.
I have, &c.,
Legge & Henderson, Secretary.
To: Colonial Secretary.
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